Live Insurance News

Usage based insurance boosts popularity by assuaging privacy concerns

September 10, 2014September 11, 2014 Julie Campbell

usage based insurance auto car tracking gps

Both consumers and commercial fleets are increasingly embracing UBI programs and their tracking devices. Consumers and managers of commercial fleets, alike, are experiencing a shift in their opinions with regards to usage based insurance, as the benefits of being able to save money and encourage safer driving practices appear to be winning out over concerns with regards to privacy. These auto insurance programs have been slow to be accepted due to the telematics devices that track vehicles. Drivers are starting to discover that there are some considerable financial benefits that…

Telematics could have a major impact on the auto insurance sector

July 3, 2014July 3, 2014 Logan B.

Automakers are beginning to embrace new technology aggressively Juniper Research, a prominent market research organization, has released a new report concerning the growing popularity of telematics in the transportation sector. Telematics is a branch of technology that is meant to keep track of a person’s driving habits and vehicle information. This technology has become particularly popular in the auto insurance sector, where insurance companies are offering new services designed to promote safe driving and provide consumers discounts for practicing safe behavior. Use of in-vehicle applications is expected to skyrocket in…

Usage based insurance is attracting the attention of powerful technology companies

May 29, 2014May 29, 2014 Nordstrom

Telematics is becoming an attractive sector for large technology companies Technology companies are beginning to make an entry into the usage based insurance industry, focusing heavily on telematics. Usage based insurance is becoming particular popular where transportation is concerned and auto insurance companies have managed to find traction with consumers with the usage based products they have begun to offer. As large technology firms begin to enter into the market, the insurance tech sector is expected to see major changes in the coming years that could come to define the…

Usage based technology may become mandatory in auto insurance

May 22, 2014May 22, 2014 H. Cutner

These wireless device based “pay as you drive” policies are rapidly evolving and are becoming more popular. Usage based technology is becoming increasingly popular in auto insurance, as a growing number of insurers start to offer policies that use these wireless telematics devices and a larger number of motorists sign up for these programs in the hopes of qualifying for lower rates. Many are now predicting that in ten years from now, these policies will be the norm. In fact, some have forecasted that usage based technology will become nearly…

Usage based auto insurance gains more attention in Ontario

March 12, 2014March 10, 2014 Nordstrom

Usage based insurance plans are starting to see widespread adoption Usage based auto insurance is beginning to pick up momentum in Ontario, Canada, but the Financial Services Commission of Ontario has been slow to grant approval for the technology used for this type of insurance coverage. Insurance companies operating in the province have begun applying for approval to use the technology that is capable of monitoring a person’s driving habits. Insurers suggest that this technology could help lower insurance costs for drivers significantly, depending on how often they actually drive.…

Usage based insurance partnership formed by Sprint

March 11, 2014March 11, 2014 G. Turner

The wireless giant is now partnering with Intelligent Mechatronic Systems to appeal to auto insurers. Sprint has now announced that it is entering into a partnership with Intelligent Mechatronic Systems, a usage based insurance technology provider that allows auto insurers to be able to offer telematics based coverage to their customers. This category is now taking off among insurance companies, basing premiums on a driver’s actual risk. Traditionally, auto insurance companies use broad generalizations about various categories of drivers in order to calculate premiums. Factors can include everything from location…

Usage based insurance is already going mainstream

November 4, 2013November 2, 2013 Julie Campbell

This type of auto policy has started to become one of the standard offerings of many insurers. Though the potential benefits of usage based insurance have been clear for some time, this new technology based version of auto coverage has always represented an extremely small percentage of the offerings from insurers. This trend is starting to change as the tech is picked up by a growing number of insurers. Moreover, as more auto insurance companies offer these products in a larger number of locations, consumers are also finding the chance…